NetClose - Auto-Reconciling AP, AR, and NetClose Amortizations

Overview

NetClose Auto-Reconciliation Modules provide pre-built reconciliation searches out of the box— no saved search setup required. Simply select the modules you want to reconcile (Accounts Receivable, Accounts Payable, or NetClose Amortizations) and you're ready to go.

For AR and AP, Auto-Reconciliation functions like an intelligent aging schedule, automatically identifying all unique transactions hitting these accounts, any unposted transactions, and items missing a customer or vendor assignment. For NetClose Amortizations, the feature reconciles your amortization sub-ledger directly to the GL balance, with a separate tab highlighting any schedules that don't yet have an associated journal entry.

Auto-Reconciliation gives you immediate visibility into reconciliation exceptions without the complexity of building and maintaining custom saved searches.

How auto-reconciliation sets the status

When you run the reconciliation, each selected module adds a reconciling item equal to the balance it calculates - the open AR or AP aging balance, or the remaining balance of your NetClose amortization schedules.

When those reconciling items together equal the account's GL Ending Balance, the reconciliation's Unexplained Balance nets to 0.00 and the status is set automatically to Auto-Reconciled. If they don't match, the reconciliation stays open with the difference shown as the Unexplained Balance for you to investigate.

Walkthrough

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